A group of billionaires has published an open letter calling for “a moderate wealth tax on the fortunes of the richest one-tenth of the richest 1 percent of Americans — on us,” The New York Times reports.
The letter, signed by George Soros, Facebook co-founder Chris Hughes, and members of the Pritzker, Gund and Disney families, is addressed to the “2020 Presidential Candidates,” and is framed as a “call to action,” according to Forbes.
“America has a moral, ethical and economic responsibility to tax our wealth more,” they wrote. “A wealth tax could help address the climate crisis, improve the economy, improve health outcomes, fairly create opportunity, and strengthen our democratic freedoms. Instituting a wealth tax is in the interest of our republic.”
They add that millions of middle-class Americans essentially have a wealth tax already in the form of property taxes.
“The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans,” the letter continues.
Although the letter is addressed to every presidential candidate, it singles out Sen. Elizabeth Warren, D-Mass., and her plan for a wealth tax on households with assets worth more than $50 million. It also names South Bend Mayor Pete Buttigieg and former Democratic Texas Rep. Beto O’Rourke as being supportive of a wealth tax. It does not mention Sen. Bernie Sanders, I-Vt., another presidential candidate who has argued for higher taxes on the wealthy.
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